- Bitcoin breaks downtrend channel.
- Bitcoin’s top traders average leverage delta falls below 2.
As a seasoned analyst with over two decades of experience observing markets and their intricacies, I have to say that Bitcoin’s recent breakout from its prolonged downtrend channel is a development that has piqued my interest. The parabolic runs following extended consolidation periods in the market are not unheard-of, and if the current trend continues, we could be looking at a $75k target for BTC by the end of the year or early 2025.
Bitcoin (BTC) is seeing increased popularity as cryptocurrency market indicators suggest a rebound following a recent slump.
On an hourly basis, Bitcoin (BTC) has successfully breached the prolonged descending trendline that’s been in place since late July 2024. This price movement has persisted for over 50 days.
The price action of BTC/USDT has showed this a potential turning point for Bitcoin with a textbook retest. The price action was forming of higher highs and higher lows as it approached the breakout resistance.
Normally, when the market experiences prolonged consolidation, it’s common to see a rapid, steep increase (resembling a parabola) after that. If this pattern holds true for BTC, it could reach a potential price of $75k, slightly exceeding its previous record high.
If the current market trends continue to be positive, it seems feasible that Bitcoin could advance towards a crucial region, with sights set on $65,000 next, and possibly surpassing $75,000 by the end of 2024 or early 2025.
Could this uptrend push BTC to $75k by the end of the year? Let’s explore the possibilities.
Top traders’ Average Leverage Delta signals…
In historical data, a decrease in the average leverage delta of leading traders, like the one we saw before it rose to 2.169, is usually preceded by a bullish trend. This means that when this indicator drops below +2, it may indicate an upcoming upward movement in the market.
It seems more likely now that a Bitcoin (BTC) price increase has started, given that the leverage ratio for BTC stands at approximately 0.49, suggesting that both long and short positions are being held almost equally.
A decrease in the typical average leverage among leading traders suggests that Bitcoin’s (BTC) breakaway from its downward trend channel might indicate the commencement of an uptrend, or bull market.
BTC liquidation heatmap
Furthermore, the value of Bitcoin tends to gravitate towards areas with higher liquidity. This was evident when traders had to sell around $179.70 million in futures markets as the price hit $61,498.
This liquidation might fuel further upward movement as price targets liquidity at higher levels.
At the price point of $70182, a substantial grouping of approximately $730.49 million in liquidity exists, and an additional $1.3 billion can be found at $67250.
Bitcoin might ascend even more to hit those liquidity thresholds, which could amplify its rising trend, possibly hitting the $75k mark.
The average Bitcoin cycle
Additionally, it’s worth noting that traditionally, a Bitcoin cycle begins about 170 days following a halving event and reaches its highest point approximately 480 days later.
As a cryptocurrency investor, I’m excited to note that we’re only about 20 days away from what historically marks the beginning of a post-halving rally for Bitcoin, as it stands at 151 days post its last halving event.
The repeating pattern in this cycle boosts our certainty about the possible upsurge towards $75k, as it coincides with the typical traders’ average delta pointing to an uptrend.
Read Bitcoin’s [BTC] Price Prediction 2024-25
The cryptocurrency sector seems ready for an upward trend, based on technical indicators and liquidity structures that hint at potential increases in the value of Bitcoin.
Read More
- DOP PREDICTION. DOP cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- EUR PKR PREDICTION
- T PREDICTION. T cryptocurrency
- INDEX PREDICTION. INDEX cryptocurrency
- ONG PREDICTION. ONG cryptocurrency
- SABAI PREDICTION. SABAI cryptocurrency
- CORE PREDICTION. CORE cryptocurrency
- THE PREDICTION. THE cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
2024-09-19 23:36